European Stability Mechanism

Bailout: The measures that Greece needs to implement to get new funds. The legal name of a bailout is Memorandum of Understanding.

The "Brussels Group", consisting of low-ranking officials of foreign institutions, are in Athens on Thursday to collect data on the Greek economy.

In a rare piece of good news for Greek leaders, the European Stability Mechanism (ESM) confirmed on March 10 that it has been forced to throw the cash-strapped country a half-billion-euro lifeline.

By George Georgiopoulos

Greece is set to tap into more than half a billion euros of funds sitting in the country's bank rescue fund as it scrambles to find money this month amid a cash crunch, banking and government sources told Reuters on Tuesday.

European officials are concerned that not enough preparation work is being done to pave the way for Greece to submit six reform proposals to Monday?s Eurogroup and then secure part of the 7.2 billion euros in remaining bailout loans.

Back-and-forth statements between Greece’s lenders and the new leftist government have turned into a proverbial tug-of-war.

While the Greek side insists on clarifying that the Memorandum is over, ESM Managing Director Klaus Regling tried to bring the former back to reality, saying that the “Memorandum has not ended, nor has it been suspended by the loan agreement”.

Following the more-or-less successful Eurogroup conclusion on Friday, Eurogroup head Jeroen Dijsselbloem stated the following:

-       There is hope that in the end we will have a positive result

-       We are talking about trust, and today we took a step forward in the building trust.

-       We are on track

 Plan for increase in state control would harm private investors? rights and be seen as a unilateral move

By Yiannis Papadoyiannis & Dimitra Manifava

By Eleni Varvitsioti

BRUSSELS - The man who is responsible for the loans to Greece as managing director of the European Stability Mechanism (ESM/EFSF), Klaus Regling, is the only high-ranking European official who has close and regular contact with the major players of the international markets.

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The head of the Eurogroup, Jeroen Dijsselbloem, said on Thursday that eurozone finance ministers are behind the idea of providing Greece with the financial support that would allow it to exit its bailout at the end of the year without requiring further funding from the International Monetary Fund.